Finances are one of the most common things that people worry about. This is especially true given the current state of the economy. Sadly, many people have lost their jobs, bringing the unemployment rate to a higher percentage than it has been in decades. The housing market has not helped the situation either, as many people now find themselves upside down on their home, meaning they owe more on their home than it is actually worth on the free market. With all of the hardships that are going on many people are turning to bankruptcy as a solution. Bankruptcy is a way that people can consolidate their debt and get rid of it by paying a portion of it. Bankruptcy provides a fresh start and a new opportunity for persons who have become overwhelmed by financial obligations.
Bankruptcy is a long process that can be somewhat confusing as there are a variety of different laws and regulations that you will have to navigate. One thing that many people worry about are the annuity accounts and periodic payments that they have set up and how bankruptcy will affect said payments. While most accounts you have can be used as a part of your bankruptcy settlement, annuity accounts may be protected from all creditors except the federal government. This means that you cannot lose your annuity if you are going through a bankruptcy, you will still be able to count on getting your monthly annuity payments.
This is only one of the many aspects of bankruptcy law that can affect your payments, so it is important to get in touch with a legal representative so that you can get answers to all of your questions. Contacting a Waco bankruptcy attorney to help you through your bankruptcy may be one of the most important decisions that you make. Before you choose a lawyer you will want to do some research on the lawyers that are in your area. The most important thing for you to look for in a good lawyer is experience. Lawyers that have a good amount of experience in bankruptcy cases will be the best ones for you to choose because they will be the most familiar with the process and the laws that you have to deal with.
When you are going through a bankruptcy it may be frightening to wonder what you may have to give up. Rest assured that you will likely not have to give up the annuities and periodic payments that you have set up unless you get in trouble with the federal government for some reason. Because of this, it may be a good idea to set up some type of annuity because it is money that cannot be taken away from you.
About the Author: Jeff Davis is the Owner of the Davis law firm, and a highly experienced Killeen and Waco bankruptcy attorney. To find out more information about a Killeen or Waco bankruptcy lawyer, please visit www.jeffdavislawfirm.com.